Bitcoin At Tax Time: What You Need To Know About Trading, Tipping, Mining & more
If you have come into possession of Bitcoin or any other digital currency such as Ripple or Litecoin that is “convertible” to a real currency or can be used to pay for goods and services, it may seem virtual. But the Internal Revenue Service considers it very real and you need to account for it at tax time.
“If you’re not doing the accounting [on your digital currencies], you are on the line for tax evasion or misfiling,” says Jake Benson, CEO and founder of Libra Tax, which offers accounting software for digital currencies. “The reason you’d want to account for your Bitcoin and the gains and losses is the exact same reason you need to do it when you trade stocks. If you don’t, you’re breaking the law"
http://www.forbes.com/sites/laurashin/2015/12/16/bitcoin-at-tax-time-what-you-need-to-know-about-trading-tipping-mining-and-more/
Topic: [2015-12-16] forbes Bitcoin At Tax Time: What You Need To Know About Trading... (Read 324 times)
December 16, 2015, 10:06:51 PM
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